Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Linde plc, consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The financial data exhibits overall growth in revenue and profitability across the observed periods.
- Sales and Cost Trends
- Sales increased steadily from US$27,243 million in 2020 to US$33,005 million in 2024, reflecting a consistent upward trend. The cost of sales (exclusive of depreciation and amortization) rose from US$15,383 million in 2020 to a peak of US$19,450 million in 2022, followed by a decline to US$17,143 million in 2024. This reduction in cost of sales after 2022 contributes to improved gross margins.
- Gross margin expanded consistently from US$11,860 million in 2020 to US$15,862 million in 2024, indicating enhanced operational efficiency and pricing power.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses remained relatively stable, with a slight increase from US$3,193 million in 2020 to US$3,337 million in 2024. The components show minor fluctuations: selling expenses hovered close to US$1,300 million, while general and administrative expenses exhibited a gradual increase, reaching US$2,004 million in 2024.
- Depreciation and Amortization
- Depreciation and amortization expenses decreased from US$4,626 million in 2020 to US$3,780 million in 2024, reflecting potential asset disposals, completion of depreciation schedules, or capital expenditure patterns.
- Research and Development
- Research and development costs remained stable, approximately US$150 million annually, indicating steady investment in innovation without significant expansion or reduction.
- Other Operational Items
- Cost reduction programs and other charges showed volatility, peaking at a charge of US$1,029 million in 2022 but significantly decreasing afterward, suggesting a focus on operational improvements or restructuring activities mostly concentrated in 2022.
- Currency-related net losses were relatively minor but showed some increase in 2023 before subsiding in 2024.
- Partnership income increased modestly over the period but remained a small contributor to overall income.
- Severance expenses increased somewhat, reaching US$16 million by 2024, possibly indicating ongoing workforce adjustments.
- Asset divestiture gains improved from negative amounts in earlier years to a positive gain of US$60 million in 2024, indicating successful disposal or sale of assets.
- Insurance recoveries, initially absent, presented a rising trend, reaching US$45 million in 2024, potentially reflecting settling of claims.
- Other, net gains/losses showed inconsistency, with a pronounced loss in 2022 but a strong gain in 2024, adding volatility to other income/expenses.
- Operating Profit and Income
- Operating profit demonstrated significant growth, from US$3,322 million in 2020 to US$8,635 million in 2024, more than doubling over five years, indicative of improving core business profitability.
- Interest expense rose notably after 2021, reaching US$484 million in 2024, which might be reflective of increased borrowings or higher rates. However, interest income also increased, improving the net interest expense situation temporarily but still resulting in a higher net interest cost by 2024 compared to earlier years.
- Net pension and OPEB benefits fluctuated but remained positive contributors over the period.
- Taxation and Net Income
- Income before income taxes and equity investments increased in line with operating profit, reaching US$8,569 million in 2024. Income taxes rose correspondingly from US$847 million in 2020 to US$2,002 million, indicating higher taxable earnings.
- Net income attributable to Linde plc increased from US$2,501 million in 2020 to US$6,565 million in 2024, a substantial improvement aligned with rising revenues and operating gains. This demonstrates effective cost control and successful operational management.
Overall, the company shows a positive trajectory in sales, profitability, and operational efficiency. Improvements in gross margin, controlled SG&A, and lower depreciation suggest optimized asset utilization. The spike in cost reduction charges in 2022 appears to be a one-time expense with subsequent return to normalcy. Despite an increase in interest expenses, net income growth remains strong, supported by expanding operating profits and consistent income from equity investments.